The new standalone app will reportedly challenge the likes of Instagram, Color, and Path. Little is known about the "killer" new app, but speculation has the apps market in a tizzy, as Facebook's social network dominance could effortlessly eclipse the hard-won success of many app entrepreneurs.

The crowdsoured couch-crashing/B&B market is heating up, with a sizable European investment in Wimdu from Kinnevik and Rocket Internet. Airbnb has been the undisputed king of the luxury couch-surfing services, but as it becomes more mainstream, or jam packed around events like SXSW, bet that Wimdu won't be the only big name to try to grab a piece of the glory.

Looks like we might be saying goodbye to big white news vans and brawny-shouldered cameramen for the BBC, thanks to a new app that can stream live video over a 3G network. Others, such as CNN, have accepted smartphone reports from the "citizen journalists," but the BBC may be the first to officially outfit the technology for its staff reporters.